Business plan
Whether you are starting a small business or exploring ways to expand an existing one, a business plan is an important decision-making tool. A business plan is a roadmap that guides you and gives you greater clarity on aspects of your business.
When we have a business idea, we are tempted to jump into entrepreneurial mode and setting up our business without analyzing its viability. Writing a business plan is a crucial step to check the viability of your business before investing too much time and money. The purpose of a business plan is to help you articulate a strategy for starting your business. It also provides information on the steps to be taken, the resources needed to achieve the business objectives and a timetable of expected results. Keep in mind that the business plan for any business will change over time as the company develops, and any business may have several business plans as its objectives change. If you're not convinced yet, here are some good reasons to write a business plan when starting a new business.
Why do I need a business plan?
The basic concept of a business plan and why you need to build one in for your business to thrive.
Go to moduleRead time: 7.0 minutes
Key concepts:
- A business plan is roadmap
- It needs to be updated as our business changes over time
- It will help us to get funding
Basic concepts
The different essential documents for startups and the uses of each.
Go to moduleRead time: 10.0 minutes
Key concepts:
- Business Plan
- Pitch deck
- Elevator pitch
Creating a strategic plan
Create a plan and a narrative to express that plan to investors.
Go to moduleRead time: 9.0 minutes
Key concepts:
- Story telling
- Concise and visual
- Engaging
Financial plan
Click on the next and last module to find out how you should outline what you need from investors to make your business/idea a reality.
Key concepts:
- KPI
The ask - fundraising
How you should outline what you need from investors to make your business/idea a reality.
Go to moduleRead time: 15.0 minutes
Key concepts:
- Startup Valuation
- Milestones
- Runway / burn rate